The Chamber tracks key statistics highlighting the Detroit Region’s economic well-being and offers analysis on how it will impact the business community.
Expand for Monthly Economic Indicator Data
- U.S. Gross Domestic Product
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U.S. Economy Grew at a 2.3% Rate in Q4 2024
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024, according to the advance estimate. In the third quarter, real GDP increased 3.1 percent. The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Read the full BEA report.
The GDP is measured as the total market value of the goods and services produced within a specific geography during a given time period. Gross domestic product is a key indicator of the general health of the economy and its performance, with increases indicative of economic growth.
Chamber Perspective

The U.S. economy closed 2024 with a solid growth.
Q4 GDP increasing at an annualized rate of 2.3%, fueled by government spending and resilient consumer spending, even with inflation rising 2.9% in December compared to 2023. However, consumer concerns about rising unemployment and persistent inflation continue into 2025, with consumer sentiment edging down 4% to 71.1 in the first month of 2025. Uncertainties surrounding immigration and trade policy further complicate economic expectations in 2025.
Michigan and US Indicators
- Monthly Unemployment Rate
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Michigan Unemployment Rate Rose for the Third Consecutive Month
Michigan and the Detroit Region’s December 2024 monthly unemployment rate increased to 5.0%, falling 0.9 percentage points below the national rate of 4.1%.
- U.S. Real Gross Domestic Product
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U.S. Economy Grew at a 2.3% Rate in Q4 2024
Real gross domestic product (GDP) increased at an annual rate of 2.3 percent in the fourth quarter of 2024, according to the advance estimate. In the third quarter, real GDP increased 3.1 percent. The increase in real GDP in the fourth quarter primarily reflected increases in consumer spending and government spending that were partly offset by a decrease in investment. Read the full BEA report.
The GDP is measured as the total market value of the goods and services produced within a specific geography during a given time period. Gross domestic product is a key indicator of the general health of the economy and its performance, with increases indicative of economic growth.
- Consumer Price Index
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Progress on Inflation Remains Stubborn in December
In December, the Consumer Price Index for All Urban Consumers rose 0.4 percent, seasonally adjusted, and rose 2.9 percent over the last 12 months, not seasonally adjusted. The index for all items less food and energy increased 0.2 percent in November (SA); up 3.2 percent over the year (NSA). Read the full report.
- Consumer Sentiment
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Consumer Sentiment Falls for the First Time in Six Months
According to the University of Michigan Surveys of Consumers, consumer sentiment registered at 71.1 in January 2025. According to Surveys of Consumers director, Joanne Hsu, despite reporting stronger incomes this month, concerns about unemployment rose; about 47% of consumers expect unemployment to rise in the year ahead, the highest since the pandemic recession. January’s data closed on Inauguration Day, and consumers of all political leanings will continue to refine their views as Trump’s policies are clarified and implemented. Read the full report.
The Consumer Sentiment Index is a statistical measurement that provides an economic indicator of consumers’ opinion and optimism of the state of the economy.
- Labor Force Participation Rate
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Michigan’s Labor Force Participation Unchanged In December
The December statewide labor force participation rate remained steady at 62.2%, 0.3 percentage points below the national rate.
- New Business Applications
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Michigan’s New Business Applications Slow in 2024 But Above Pre-Pandemic Levels
New business applications have dropped by 9% in 2024 compared to 2023 but are still well above the pre-pandemic levels. The tightening of the credit market is most likely attributing to the continued slowing of applications in 2024.
- U.S. Manufacturing PMI®
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PMI® Contracted For The Eighth Consecutive Month in November
The Manufacturing PMI® registered at 48.4% in November, 1.9 percentage point higher compared to the 46.5 percent reported in October according to the Institute for Supply Management® (ISM®). According to Timothy Fiore, Chair of the Institute for Supply Management Manufacturing®, after breaking a 16-month streak of contraction by expanding in March, the manufacturing sector has contracted the last eight months.
ISM® states a reading above 50% shows that the manufacturing economy is generally expanding; below 50% indicates that it is generally contracting. The index is based on a monthly survey of supply chain managers and measures general direction of economic trends in manufacturing and other sectors.
- Detroit Metropolitan Airport Total Passengers
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Highest Passenger Traffic in 2024 since 2019
DTW passenger traffic totaled almost 33 million passengers in 2024, highest volumes seen in 5 years. Volume traffic increased by 1.5 million more passengers or 5% from 2023.
Automotive Economic Indicators
- Annual U.S. Light Vehicle Sales (SAAR)
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New Vehicle Sales Pace Beat Expectations
New vehicle sales in November 2024 beat expectations with monthly SAAR of 16.5 million units, the highest since May 2021. November’s SAAR also increased 6.7% from November 2023.
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The Cox Automotive Economic and Industry Insights team anticipates weak economic growth, higher new-vehicle inventories, and an end to the seller’s market. Overall, the team expects 2024 to be the best year for car buyers since the pandemic.
- Monthly U.S. Light Vehicle Sales
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Vehicle Sales Increase in November 2024
Vehicles sales increased by almost 10% year-over-year in November 2024, totaling 1.39 million units sold this month.
- U.S. Automotive Production
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U.S. Auto Production Slows in 2024
In October 2024, U.S. auto production amounted to 122,500 units—a decline of 9% year-over-year.
- Michigan Vehicle Production
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Michigan Vehicle Production Decreased in November
Michigan motor vehicle production decreased in November to 173,594 total units. Michigan’s November production was 11.5% lower than October’s production and 13.3% above the level in November 2023. Nationally, motor vehicle production totaled 894,437 units, 2,079 units higher than the 892,358 units from a year ago. In November, Michigan’s car production was 5,413 units while the State’s truck production was 168,181 units.
- Automotive Manufacturing Employment
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Vehicle Manufacturing Employment Slightly Down in November
Michigan’s automotive manufacturing employment totaled 163,500 in November 2024, decreasing slightly from the previous month.

View the latest report from January 2025.